In order to implement the spirit of the Central Financial Work Conference and the decision-making arrangements of the Party Central Committee and the State Council on improving the rule of law in finance, the State Administration of Financial Supervision and Administration actively promotes the revision of the Insurance Law of the People's Republic of China, forming the "Insurance Law of the People's Republic of China (Revised Draft for Soliciting Opinions)" with a total of 8 chapters and 214 articles. It is now open to the public for comments.
The main focus of this revision is to comprehensively strengthen institutional supervision, behavioral supervision, functional supervision, penetrating supervision, and continuous supervision, with the emphasis on eliminating regulatory gaps, filling regulatory gaps, and clarifying regulatory authorization. It deeply practices the concept of putting people first and comprehensively enhances the effectiveness of supervision. The main content includes: firstly, strengthening shareholder penetration supervision, including shareholders and actual controllers of insurance institutions in the scope of supervision; The second is to improve the prudent supervision system, strengthen regulatory requirements such as corporate governance, risk management, and internal control, improve solvency supervision, strengthen asset liability management, and improve supervision of fund utilization; The third is to improve the risk disposal mechanism, perfect the risk disposal and market exit rules; Fourthly, we will strengthen the protection of insurance consumers, improve the rules of insurance contracts, and further clarify the prohibition of sexual behavior by insurance institutions; The fifth is to increase the cost of illegal activities, expand the coverage of legal responsibilities, and increase the magnitude of fines.
The main idea of this revision is to adhere to the leadership of the Party. Adhere to and strengthen the centralized and unified leadership of the Party Central Committee over financial work, ensure that the insurance industry steadfastly follows the path of financial development with Chinese characteristics, and maintains the correct direction of development. The second is to adhere to the people's standpoint. Firmly establish a people-centered value orientation, strengthen the protection of the legitimate rights and interests of policyholders, insured persons, and beneficiaries, and build a fair and just insurance market environment. Thirdly, we must adhere to a problem oriented approach. Based on industry development and regulatory reality, focus on prominent issues, make targeted efforts to fill institutional gaps, improve institutional mechanisms, focus on enhancing regulatory effectiveness, and safeguard the bottom line of preventing systemic financial risks. The fourth is to adhere to the system concept. Strengthen the top-level design and overall coordination of financial legislation, pay attention to the orderly connection with financial law drafts, ensure consistency in legislative direction and system coordination, and jointly build the "four beams and eight pillars" of financial legislation. (Outlook New Era)